New York, NY, Dec. 12, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Plastic Straps Market by Type (Polypropylene Straps, Polyester Straps, Nylon Straps, Composite Straps, Paper Straps, and Corded and Woven Straps) and by End-Use Industry (Steel, Paper, Fiber, Cotton, Bricks & Tiles, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024”. According to the report, the global plastic straps market was valued at USD 1.32 billion in 2017 and is expected to reach USD 4.41 billion by 2024, growing at a CAGR of 18.8% between 2018 and 2024.
Plastic straps are made from polypropylene and polyester materials and are available in a wide range of styles, strengths, and finishes. These straps are being progressively utilized in varied industries, such as steel, paper, fiber, cotton, and bricks and tiles.
Browse through 92 Tables & 27 Figures spread over 110 Pages and in-depth TOC on “Global Plastic Straps Market Size, Share, Analysis and Forecast, 2017 – 2024”.
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Plastic straps are lightweight, flexible, and can be handled easily, which makes them suitable for bricks and tiles, paper, and cotton industries. The increasing demand from the packaging and logistics sector for plastic straps is likely to drive the plastic straps market expansion globally. Growing product demand witnessed across the construction industry across the globe is further expected to be the key driver for the plastic straps market. Strict government rules pertaining to environment pollution might hamper the plastic straps market over the estimated timeline. These plastic straps are non-biodegradable in nature and have a negative impact on the environment. Inadequate usage and dumping of plastic straps post usage generate plastic waste, which, in turn, causes land pollution. Due to this, countries are promoting the use of eco-friendly products and avoiding the use of plastic straps, which is likely to inhibit the plastic straps market in the ensuing years. Manufacturers are focusing on making innovative products that are likely to create new growth opportunities for plastic straps market in the forthcoming years.
By type, this market is classified into polypropylene straps, polyester straps, nylon straps, and others. Polypropylene straps are anticipated to grow at the highest rate in the upcoming years, due to their recyclable nature. Thus, polypropylene plastic straps are preferred more owing to their eco-friendly nature. In 2017, polypropylene straps accounted for the largest share of the overall plastic straps market. By end-use industry, this market includes steel, paper, fiber, cotton, bricks and tiles, and others. The paper segment formed the largest end-use industry of the market in 2017. Plastic straps are utilized for bundling items for convenient handling and shipment of newspapers. Furthermore, increasing demand for plastic straps in the paper industry is likely to propel the plastic straps market growth in the upcoming years.
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In 2017, Asia Pacific was the largest market for the plastic straps and accounted for more than 36% share of the entire market. In terms of value, Asia Pacific is anticipated to grow at the highest CAGR during the forecast period. At the country level, China and India are the major markets for plastic straps, due to the rising product demand for its usage, especially in packaging, logistics, and construction sectors. Additionally, the Asia Pacific region is anticipated to be a center for different types of urbanization and industrialization activities, which tends to increase the consumption of plastic straps. These, are some vital factors expected to drive the expansion of the plastic straps market in the Asia Pacific region.
In 2017, Europe was the second largest market of plastic straps and held around 27% market share. The growing industrialization and urbanization in Germany, France, and the UK are further expected to fuel this regional market’s overall profit margin in the upcoming years. The growth of the plastic straps in the region can also be attributed to the increased product demand by the paper and printing industry.
Browse the full "Plastic Straps Market by Type (Polypropylene Straps, Polyester Straps, Nylon Straps, Composite Straps, Paper Straps, and Corded and Woven Straps) and by End-Use Industry (Steel, Paper, Fiber, Cotton, Bricks & Tiles, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2024" Report At https://www.zionmarketresearch.com/report/plastic-straps-market
The North America plastic straps market is likely to witness sustainable growth of over the forecast time period. Moreover, the rise in the number of industrial activities along with the growing use of plastic straps as an alternative for steel strapping is likely to further propel the plastic straps market. Furthermore, the growing industrial activities in the U.S. and Canada are anticipated to further propel this market’s profit margin over the forecast time period.
The Latin American and the Middle Eastern and African plastic straps markets are predicted to experience the lucrative in the forecast period, owing to the noteworthy investments made by international companies for plastic straps projects in these regions. Enhanced economic growth is likely to boost the plastic straps market in these regions.
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Major vendors of the global plastic straps market include Crown Holdings, Polychem Corporation, Teufelberger, FROMM Packaging, Messersi Packaging, Dubose Strapping, Auto Strap, and PAC Strapping Products, Inc., among others.
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This report segments the global plastic straps market as follows:
Global Plastic Straps Market: Type Analysis
- Polypropylene Straps
- Polyester Straps
- Nylon Straps
- Others (Composite Straps, Paper Straps, and Corded and Woven Straps)
Global Plastic Straps Market: End-Use Industry Analysis
- Steel
- Paper
- Fiber
- Cotton
- Bricks & Tiles
- Others (Print and Corrugated Boards)
Global Plastic Straps Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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